Written by The Edge
Mainboard-listed Dapai International Holdings Co., the China-based manufacturer of branded backpacks, recorded a year-on-year increase in revenue and net profit after tax to RMB568.9 million and RMB107.6 million ($21.5 million) respectively in the three months ended 30 June 2010 (2Q10).
The growth was driven by higher backpack sales and overall increase in average selling prices (ASP) in 2Q10 on the continued improvement in consumer spending in China.
The group’s backpacks segment revenue increased y-o-y by 24.4% to RMB352.9 million in 2Q10 from RMB283.7 million in 2Q09 backed by higher backpack sales volume in 2Q10.
Luggage segment revenue improved y-o-y by 2.3% to RMB216.0 million in 2Q10 from RMB211.1 million in 2Q09 due to slightly higher luggage sales volume.
As a result of introducing new models at an adjusted price following improved consumer sentiments, the ASP for backpacks division increased to RMB85.2 in 2Q10 from RMB83.1 in 2Q09. The ASP for luggage remained stable.
Overall, the backpacks division contributed 62.0% of 2Q10 revenue, while the luggage division contributed the remaining 38.0% of 2Q10 revenue.
Dapai International turned in a net profit after tax of RMB107.6 million in 2Q10, a y-o-y increase of 62.7% from RMB66.1 million in 2Q09, with net profit margin improving 5.5 percentage points to 18.9% in 2Q10 from 13.4% in 2Q09.
Dividend : None
